Thank you for your time….

Subject: FW: Thank You for your time.


A young man learns what’s most important in life from the guy next door.

It had been some time since Jack had seen the old man. College, girls, career, and life itself got in the way. In fact, Jack moved clear across the country in pursuit of his dreams. There, in the rush of his busy life, Jack had little time to think about the past and often no time to spend with his wife and son. He was working on his future, and nothing could stop him.Over the phone, his mother told him, ‘Mr.. Belser died last night. The funeral is Wednesday.’ Memories flashed through his mind like an old newsreel as he sat quietly remembering his childhood days.

‘Jack, did you hear me?’

‘Oh, sorry, Mom. Yes, I heard you. It’s been so long since I thought of him. I’m sorry, but I honestly thought he died years ago,’ Jack said.

‘Well, he didn’t forget you. Every time I saw him he’d ask how you were doing. He’d reminisce about the many days you spent over ‘his side of the fence’ as he put it,’ Mom told him.

‘I loved that old house he lived in,’ Jack said.

‘You know, Jack, after your father died, Mr. Belser stepped in to make sure you had a man’s influence in your life,’ she said

‘He’s the one who taught me carpentry,’ he said. ‘I wouldn’t be in this business if it weren’t for him. He spent a lot of time teaching me things he thought were important…Mom, I’ll be there for the funeral,’ Jack said.

As busy as he was, he kept his word. Jack caught the next flight to his hometown. Mr. Belser’s funeral was small and uneventful. He had no chil dren of his own, and most of his relatives had passed away.

The night before he had to return home, Jack and his Mom stopped by to see the old house next door one more time.

Standing in the doorway, Jack paused for a moment. It was like crossing over into another dimension, a leap through space and time The house was exactly as he remembered. Every step held memories. Every picture, every piece of furniture….Jack stopped suddenly.

‘What’s wrong, Jack?’ his Mom asked.

‘The box is gone,’ he said

‘What box?’ Mom asked.

‘There was a small gold box that he kept locked on top of his desk. I must have asked him a thousand times what was inside. All he’d ever tell me was ‘the thing I value most,” Jack said.

It was gone. Everything about the house was exactly how Jack remembered it, except for the box. He figured someone from the Belser family had taken it.

‘Now I’ll never know what was so valuable to him,’ Jack said. ‘I better get some sleep. I have an early flight home, Mom.’

It had been about two weeks since Mr. Belser died Returning home from work one day Jack discovered a note in his mailbox. ‘Signature required on a package. No one at home. Please stop by the main post office within the next three days,’ the note read.

Early the next day Jack retrieved the package. The small box was old and looked like it had been mailed a hundred years ago. The handwriting was difficult to read, but the return address caught his attention. ‘Mr. Harold Belser’ it read. Jack took the box out to his car and ripped open the package. There inside was the gold box and an envelope. Jack’s hands shook as he read the note inside.

‘Upon my death, please forward this box and its contents to Jack Bennett. It’s the thing I valued most in my life.’ A small key was taped to the letter. His heart racing, as tears filling his eyes, Jack carefully unlocked the box. There inside he found a beautiful gold pocket watch.

Running his fingers slowly over the finely etched casing, he unlatched the cover. Inside he found these words engraved:

‘Jack, Thanks for your time! -Harold Belser.’

‘The thing he valued most was…my time’

Jack held the watch for a few minutes, then called his office and cleared his appointments for the next two days. ‘Why?’ Janet, his assistant asked.

‘I need some time to spend with my son,’ he said.

‘Oh, by the way, Janet, thanks for your time!’

‘Life is not measured by the number of breaths we take but by the moments that take our breath away,’

Think about this. You may not realize it, but it’s 100% true.

1. At least 2 people in this world love you so much they would die for you.

2. At least 15 people in this world love you in some way.

3! . A smile from you can bring happiness to anyone, even if they don’t like you.

4. Every night, SOMEONE thinks about you before they go to sleep.

5. You mean the world to someone.

6. If not for you, someone may not be living.

7. You are special and unique.

8. When you think you have no chance of getting what you want, you probably won’t get it, but if you trust God to do what’s best, and wait on His time, sooner or later, you will get it or something better.

9. When you make the biggest mistake ever, something good can still come from it.

10. When you think the world has turned its back on you, take a look: you most likely turned your back on the world.

11. Someone that you don’t even know exists loves you.

12. Always remember the compliments you received. Forget about the rude remarks.

13 . Always tell someone how you feel about them; you will feel much better when they know and you’ll both be happy .

14. If you have a great friend, take the time to let them know that they are great.

Send this letter to all the people you care about, if you do so, you will certainly brighten someone’s day and might change their perspective on life…for the better.

To everyone I send this to ‘ Thanks for your time ‘

The Housing Crisis Is Over….by Cyril Moulle-Berteaux

The Housing Crisis Is Over

By CYRIL MOULLE-BERTEAUX
May 6, 2008; Page A23

The dire headlines coming fast and furious in the financial and popular press suggest that the housing crisis is intensifying. Yet it is very likely that April 2008 will mark the bottom of the U.S. housing market. Yes, the housing market is bottoming right now.

How can this be? For starters, a bottom does not mean that prices are about to return to the heady days of 2005. That probably won’t happen for another 15 years. It just means that the trend is no longer getting worse, which is the critical factor.

Most people forget that the current housing bust is nearly three years old. Home sales peaked in July 2005. New home sales are down a staggering 63% from peak levels of 1.4 million. Housing starts have fallen more than 50% and, adjusted for population growth, are back to the trough levels of 1982.

Furthermore, residential construction is close to 15-year lows at 3.8% of GDP; by the fourth quarter of this year, it will probably hit the lowest level ever. So what’s going to stop the housing decline? Very simply, the same thing that caused the bust: affordability.

The boom made housing unaffordable for many American families, especially first-time home buyers. During the 1990s and early 2000s, it took 19% of average monthly income to service a conforming mortgage on the average home purchased. By 2005 and 2006, it was absorbing 25% of monthly income. For first time buyers, it went from 29% of income to 37%. That just proved to be too much.

Prices got so high that people who intended to actually live in the houses they purchased (as opposed to speculators) stopped buying. This caused the bubble to burst.

Since then, house prices have fallen 10%-15%, while incomes have kept growing (albeit more slowly recently) and mortgage rates have come down 70 basis points from their highs. As a result, it now takes 19% of monthly income for the average home buyer, and 31% of monthly income for the first-time home buyer, to purchase a house. In other words, homes on average are back to being as affordable as during the best of times in the 1990s. Numerous households that had been priced out of the market can now afford to get in.

The next question is: Even if home sales pick up, how can home prices stop falling with so many houses vacant and unsold? The flip but true answer: because they always do.

In the past five major housing market corrections (and there were some big ones, such as in the early 1980s when home sales also fell by 50%-60% and prices fell 12%-15% in real terms), every time home sales bottomed, the pace of house-price declines halved within one or two months.

The explanation is that by the time home sales stop declining, inventories of unsold homes have usually already started falling in absolute terms and begin to peak out in “months of supply” terms. That’s the case right now: New home inventories peaked at 598,000 homes in July 2006, and stand at 482,000 homes as of the end of March. This inventory is equivalent to 11 months of supply, a 25-year high – but it is similar to 1974, 1982 and 1991 levels, which saw a subsequent slowing in home-price declines within the next six months.

Inventories are declining because construction activity has been falling for such a long time that home completions are now just about undershooting new home sales. In a few months, completions of new homes for sale could be undershooting new home sales by 50,000-100,000 annually.

Inventories will drop even faster to 400,000 – or seven months of supply – by the end of 2008. This shift in inventories will have a significant impact on prices, although house prices won’t stop falling entirely until inventories reach five months of supply sometime in 2009. A five-month supply has historically signaled tightness in the housing market.

Many pundits claim that house prices need to fall another 30% to bring them back in line with where they’ve been historically. This is usually based on an analysis of house prices adjusted for inflation: Real house prices are 30% above their 40-year, inflation-adjusted average, so they must fall 30%. This simplistic analysis is appealing on the surface, but is flawed for a variety of reasons.

Most importantly, it neglects the fact that a great majority of Americans buy their houses with mortgages. And if one buys a house with a mortgage, the most important factor in deciding what to pay for the house is how much of one’s income is required to be able to make the mortgage payments on the house. Today the rate on a 30-year, fixed-rate mortgage is 5.7%. Back in 1981, the rate hit 18.5%. Comparing today’s house prices to the 1970s or 1980s, when mortgage rates were stratospheric, is misguided and misleading.

This is all good news for the broader economy. The housing bust has been subtracting a full percentage point from GDP for almost two years now, which is very large for a sector that represents less than 5% of economic activity.

When the rate of house-price declines halves, there will be a wholesale shift in markets’ perceptions. All of a sudden, the expected value of the collateral (i.e. houses) for much of the lending that went on for the past decade will change. Right now, when valuing the collateral, market participants including banks are extrapolating the current pace of house price declines for another two to three years; this has a significant impact on the amount of delinquencies, foreclosures and credit losses that lenders are expected to face.

More home sales and smaller price declines means fewer homeowners will be underwater on their mortgages. They will thus have less incentive to walk away and opt for foreclosure.

A milder house-price decline scenario could lead to increases in the market value of a lot of the securitized mortgages that have been responsible for $300 billion of write-downs in the past year. Even if write-backs do not occur, stabilizing collateral values will have a huge impact on the markets’ perception of risk related to housing, the financial system, and the economy.

We are of course experiencing a serious housing bust, with serious economic consequences that are still unfolding. The odds are that the reverberations will lead to subtrend growth for a couple of years. Nonetheless, housing led us into this credit crisis and this recession. It is likely to lead us out. And that process is underway, right now.

Mr. Moulle-Berteaux is managing partner of Traxis Partners LP, a hedge fund firm based in New York.

Help your child buy a Home….by Pat Esswein

Help Your Child Buy a Home
by Pat Esswein

Help Your Child Buy a Home - by Pat Esswein

Now that home prices have cooled in key markets across the country, many young people who thought they were priced out of the market are now eager to buy. But they may need a little help from the bank of mom and dad.

Parents can give children money towards the down payment on their first home. But to make sure you do not run afoul of federal gift tax rules, parents should know that each parent can give a child up to $12,000 per year without incurring a gift tax.[1]

The lender is usually okay with the money being put down by the parents, so long as they don’t feel the money is actually a loan “in disguise.” In order to prove this, each lender will have specific requirements for documentation.

One easy form of documentation is simply a written letter, stating that the money is indeed a gift, and not a loan that needs to be re-paid.[2] This, in essence, frees the child from obligation to pay it back, so it will not impinge on their ability to pay the lender back.

The lender may also require proof of the transfer of funds. This may include a bank deposit slip, or if you deposit the funds on your child’s behalf, lenders may want to see documentation of the child’s bank statements since the transaction.[3]

Be aware though, that in this tough credit market, lenders may not be satisfied with parents being the sole contributors to a down payment. Children may still need to ante up some of the money themselves, as a form of good faith, in hopes of assuring lenders that the children will not simply walk away from the mortgage and default in the future.

If you would like to learn more about the advice contained within this article and how it could benefit you, please contact the professional who provided your subscription.

Reprinted with permission. All Contents © 2008 The Kiplinger Washington Editors

Help your child buy a Home….by Pat Esswein

Help Your Child Buy a Home
by Pat Esswein

Help Your Child Buy a Home - by Pat Esswein

Now that home prices have cooled in key markets across the country, many young people who thought they were priced out of the market are now eager to buy. But they may need a little help from the bank of mom and dad.

Parents can give children money towards the down payment on their first home. But to make sure you do not run afoul of federal gift tax rules, parents should know that each parent can give a child up to $12,000 per year without incurring a gift tax.[1]

The lender is usually okay with the money being put down by the parents, so long as they don’t feel the money is actually a loan “in disguise.” In order to prove this, each lender will have specific requirements for documentation.

One easy form of documentation is simply a written letter, stating that the money is indeed a gift, and not a loan that needs to be re-paid.[2] This, in essence, frees the child from obligation to pay it back, so it will not impinge on their ability to pay the lender back.

The lender may also require proof of the transfer of funds. This may include a bank deposit slip, or if you deposit the funds on your child’s behalf, lenders may want to see documentation of the child’s bank statements since the transaction.[3]

Be aware though, that in this tough credit market, lenders may not be satisfied with parents being the sole contributors to a down payment. Children may still need to ante up some of the money themselves, as a form of good faith, in hopes of assuring lenders that the children will not simply walk away from the mortgage and default in the future.

If you would like to learn more about the advice contained within this article and how it could benefit you, please contact the professional who provided your subscription.

Reprinted with permission. All Contents © 2008 The Kiplinger Washington Editors